The Board of Servotronics, Inc. announced that it appointed William F. Farrell, Jr. to serve as Chief Executive Officer of the designer and manufacturer of servo-control components and other advanced technology products, effective April 25.
Mr. Farrell was also appointed to serve on the Board of Directors of the company, effective April 25. The Board intends to nominate him to stand for election at Servotronics’ 2022 annual meeting of shareholders.
“On behalf of the Board, it is my privilege to welcome Bill as CEO and a Director of the company,” Servotronics Director Edward C. Cosgrove, Esq. said. “As part of the CEO search announced last year, we not only sought an executive experienced in successfully growing advanced manufacturing businesses, but one who would lead this company with the highest degree of integrity and ethics, committing to actively building highly productive relationships with employees, customers, vendor partners and stockholders. We also sought a CEO who shared the Board’s optimism for the long term potential for Servotronics to strengthen its position in current markets and actively secure opportunities for its products in new markets and applications. We are very excited to have an executive of Bill’s caliber joining Servotronics at this transformational time in its history.”
Mr. Farrell joins Servotronics following a more than 30-year career with Western New York-based Moog Inc., where he ran businesses with up to $600 million in annual revenues, 1,400 employees and global facilities, achieved significant sales and operating margin growth, and led successful quality, on-time delivery and safety improvement efforts. Most recently, he served two years as Site General Manager for Moog’s Aircraft Group, which supports military and commercial aerospace applications. Prior to that, he served five years as Site General Manager for its Industrial Group, supporting markets including flight simulation, oil and gas exploration, power generation and industrials automation. Earlier in his tenure at Moog, he worked in a variety of other executive and engineering roles for the worldwide designer, manufacturer, and integrator of precision control components and systems, including in its Industrials Group, Space Products Division and Engine Controls Division. Mr. Farrell holds a B.S. degree in mechanical engineering from the University of Notre Dame and an M.B.A in manufacturing operations management from the State University of New York at Buffalo.
“With Servotronics’ highly skilled workforce, proprietary technology, production capabilities, and reputation for quality, reliability and on-time delivery, I see an incredible opportunity for us all to build on the company’s strong foundation and accelerate sustainable growth,” Mr. Farrell said. “I’m honored to have earned the trust and confidence of the Board and eager to get to work with my new Servotronics colleagues to maximize the potential of this organization for the benefit of customers, employees and all our common stockholders.”